CBE bids for LE 17B in T-bills Sunday

CAIRO – 17 February 2019: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue treasury bills (T-bills) worth LE 17 billion on Sunday, Feb.17, according to the CBE’s official website.

The T-bills are to be offered on two installments; the first LE 8.5 billion with a 91-day term, while the second will be through 273-day notes at LE 8.5 billion.

T-bills are regularly issued each Sunday and Thursday, while T-bonds are offered on Mondays. The issuances are aimed to finance the budget deficit.

Egypt’s Ministry of Finance has announced earlier that it plans to auction LE 146 billion in debt instruments in February, which marked a decline in yields on T-bills and T-bonds. For the whole current fiscal year, the government is planning to issue LE 409.6 billion in T-bills and LE 101.6 billion T-bonds in.

During the first half of FY2018/19, the budget’s overall deficit dropped to 3.6 percent of GDP, down from 4.2 percent of GDP in the same period a year earlier, and compared to an average deficit of 5.3 percent over the past three years.